Replies to post #21781 on ~EDWARD $TEVEN$ON EXPRE$$~

[alexindef]

WLSA ~

Monday, October 05 2009 9:58 AM, EST Wireless Age Enters Into Settlement Market Wire    "US Press Releases "
TORONTO, ONTARIO -- (MARKET WIRE) -- 10/05/09 -- Wireless Age Communications, Inc. ("Wireless Age" or the "Company") (PINK SHEETS: WLSA) announced that it has entered into an agreement (the "Settlement Agreement") with the receiver and trustee in bankruptcy (the "Trustee") of its former subsidiaries, Wireless Age Communications Ltd. ("Wireless Communications") and Wireless Source Distribution Ltd. ("Wireless Source"). Pursuant to the Settlement Agreement, Wireless Age agreed to pay Wireless Communications and Wireless Source a total of CAD$750,000 (the "Settlement Amount") to settle outstanding loans totaling approximately CAD$8.3 million provided by Wireless Communications and Wireless Source to the Company.

Pursuant to the terms of the Settlement Agreement, the Trustee has agreed to seek court approval for the arrangement on or before October 9, 2009 . The Company has agreed to pay an initial installment of CAD$50,000 within two days following the expiry of the 30-day appeal period after approval of the court order. The remaining CAD$700,000 will be payable on or before December 31, 2009 . If the Company defaults on payment of the Settlement Amount, it has agreed not to contest actions taken by the Trustee to recover a reduced amount of CAD$3.25 million , less any payments made on the Settlement Amount, rather than the full CAD$8.3 million amount of the loans.

Gary N. Hokkanen , Wireless Age CFO stated; "The agreement is necessary to improve the Company's balance sheet. If completed prior to year-end, it will settle the approximately CAD$8.3 million accrued special charge loss provision booked in December 2008 , representing a substantial gain. In addition, it will allow Wireless Age to take its first steps to bring its SEC reporting back up to date and migrate to a more senior listing."

Wireless Age agreed to provide a release to the Trustee and others effective upon the expiry of the appeal period, and the Trustee agreed to provide a release to the Company, effective upon payment of the Settlement Amount. All parties to the Settlement Agreement agreed that the exchange of releases and payment of monies do not constitute an admission of liability, but are simply a compromise of disputed claims.

John G. Simmonds , Wireless Age CEO commented; "I'm extremely pleased with this agreement, as it allows us to arrange a restructuring with our controlling shareholder and move towards a renewable energy transaction, subject to regulatory approvals."